Telenav, Inc. is an Amereican company that provides wireless location-based services.

According to a press release dated September 02, 2010, the Complaint alleges that on May 13, 2010, TeleNav accomplished its IPO of 7 million shares of common stock at $8.00 per share for gross proceeds of $52.4 million to TeleNav (including over-allotments), pursuant to a false and misleading Registration Statement and Prospectus (collectively, the “Registration Statement”). According to the Complaint, the Registration Statement failed to disclose the following adverse facts: (a) the Company would soon be renegotiating its current contract for TeleNav to provide Sprint Nextel Corporation (“Sprint”), its largest customer, with its Sprint Navigation application, which would result in lower overall revenues to TeleNav; (b) the unwillingness of Sprint to continue with the same contract terms beyond December 31, 2010 would not only mean lower revenues from Sprint, but had negative implications for TeleNav’s other wireless relationships; and (c) adverse changes to the Sprint relationship would cause TeleNav’s results to trend adversely compared to the trends included in the Registration Statement.

On July 29, 2010, TeleNav announced its fourth quarter fiscal 2010 results and disclosed that it had started negotiations regarding contract roll-over with Sprint early, and if successful, the contract roll-over would probably lead to an aggregate reduction in revenue from its largest customer. On this news, TeleNav’s stock price fell $3.47 per share, to close at $5.44 per share on July 30, 2010, a one-day decline of 39% on high volume. The stock continued to decline to below $5 per share over the next few weeks as investors absorbed the implications of TeleNav’s announcement.

On February 3, 2011, the Court appointed lead Plaintiff and lead Counsel for the class. On March 21, 2011, an amended Complaint for violation of the federal securities laws was filed by the lead Plaintiffs against the Defendants. The Defendants filed a motion to dismiss on May 4, 2011. Before any ruling, on June 2, 2011, a Stipulation and Order was filed regarding a settlement. On July 15, 2011, a Stipulation of Settlement was filed. The proposed settlement is in the amount of $3.8 million in cash.

On October 07, 2011, a Revised [Proposed] Order Preliminarily Approving Settlement and Providing for Notice was entered subject to further consideration at the Settlement Hearing on February 24, 2012.

On February 17, 2012, a [Proposed] Final Judgment and Order of Dismissal with Prejudice was entered.

On February 17, 2012, a [Proposed] Order Awarding Attorneys' Fees and Expenses was entered.